Key Economic Indicators and Events:
Company Event Calendar - Week 14
Date
Indicator/Event
Country
31-Mar-15
1-Apr-15
CPI
ISM Manufacturing
EMU
US
Company
Date/Month
Event
Key figures update
30/03/2015
Bonds & CDS
Last
Last week
Last month
YTD
Interest rates
Norway
Sweden
Denmark
Euro
iTraxx Europe 5Y
55.51
1.2 %
11.7 %
-18.6 %
Repo rate
1.25%
-0.25%
0.05%
0.05%
iTraxx Crossover 5Y
262.39
1.4 %
0.3 %
-24.6 %
1M (Nibor, Stibor, Cibor, Euribor)
1.52%
-0.08%
-0.24%
-0.02%
iTraxx Fin Senior 5Y
67.08
5.3 %
23.6 %
-10.9 %
3M (Nibor, Stibor, Cibor, Euribor)
1.49%
-0.06%
-0.16%
0.01%
Norway 10Y Govt. index
1.4 %
5.5 %
1.0 %
-7.8 %
6M (Nibor, Stibor, Cibor, Euribor)
1.41%
-0.03%
0.02%
0.07%
Sweden 10Y Govt. index
0.4 %
-4.3 %
-44.1 %
-57.3 %
1Y swap
1.23%
-0.12%
-0.05%
0.09%
UK 10Y Govt. index
1.6 %
2.0 %
-11.6 %
-10.3 %
2Y swap
1.22%
-0.06%
0.15%
0.09%
3Y swap
1.27%
0.07%
0.24%
0.13%
4Y swap
1.37%
0.23%
0.34%
0.19%
5Y swap
1.48%
0.39%
0.43%
0.26%
6Y swap
1.57%
0.53%
0.52%
0.33%
Equity indices
Last
Last week
Last month
YTD
616
-1.1 %
0.1 %
7.0 %
7Y swap
1.66%
0.67%
0.61%
0.40%
OMX Stockholm 30
1,663
-2.8 %
-1.7 %
13.5 %
8Y swap
1.74%
0.78%
0.69%
0.47%
OMX Helsinki 25
3,511
-2.6 %
1.9 %
17.5 %
9Y swap
1.80%
0.88%
0.76%
0.53%
946
3.1 %
7.0 %
27.0 %
10Y swap
1.85%
0.96%
0.82%
0.58%
19,286
-1.4 %
2.6 %
10.5 %
OSEBX Oslo
OMX Copenhagen 20
Nikkei 225
S&P 500 COMPOSITE
2,061
-2.2 %
-2.1 %
NASDAQ COMPOSITE
4,891
-2.7 %
-1.5 %
3.3 %
DAX 30
11,868
-1.4 %
4.1 %
21.0 %
FTSE 100
6,855
-2.4 %
-1.3 %
4.4 %
Property indices
Last
0.1 %
Last week
Last month
YTD
Real estate equities
Last Last week Last month
Sweden
SEK
%
ALM Equity
138.0
Atrium Ljungberg
132.2
Balder
Besqab
YTD
EV
Implied
leverage
Dividend
yield
NOKm
%
%
x
Market cap
NOKm
P/Book*
%
%
0.0 %
0.4 %
18.7 %
2,214
1,637
26%
0.00%
2.2
0.9 %
-3.5 %
15.3 %
27,353
16,322
40%
2.50%
1.5
137.2
-3.4 %
-7.2 %
24.4 %
44,332
24,015
46%
0.00%
1.8
106.0
-2.3 %
-7.0 %
21.8 %
1,502
1,524
-1%
n.a.
2.4
GPR 250 PSI Europe
19.8
-1.4 %
-0.4 %
15.5 %
Castellum
129.1
-1.7 %
-9.6 %
5.7 %
37,632
20,580
45%
3.56%
1.6
GPR 250 PSI US
29.7
-3.0 %
0.9 %
4.1 %
Catena
128.3
1.6 %
6.2 %
21.3 %
6,067
3,048
50%
2.34%
1.7
GPR 250 PSI UK
19.4
-1.4 %
1.1 %
10.0 %
Corem
30.6
-3.5 %
-8.4 %
6.6 %
8,533
3,359
61%
2.61%
1.5
GPR 250 PSI Global
15.4
-1.7 %
0.5 %
6.0 %
D. Carnegie & Co
56.3
-0.4 %
-5.1 %
23.9 %
10,718
3,409
68%
0.00%
1.1
Diös
68.3
-2.5 %
-7.8 %
18.2 %
11,765
4,727
60%
3.37%
1.5
Pangea Real Estate Indices (PREX)
PREX Sweden
729.8
-2.6 %
-6.6 %
13.7 %
Fabege
122.1
-4.6 %
-3.6 %
21.4 %
37,298
18,716
50%
2.66%
1.5
PREX Norway
244.3
-1.9 %
-5.0 %
16.3 %
FastPartner
117.3
-5.4 %
-15.5 %
7.8 %
13,631
6,554
52%
2.99%
2.2
PREX Denmark
228.5
1.9 %
2.5 %
24.1 %
Heba
95.8
-1.3 %
-0.5 %
-1.5 %
5,180
3,663
29%
1.36%
1.4
PREX Finland
247.9
-0.2 %
-5.9 %
15.3 %
Hemfosa Fastigheter
190.0
-3.6 %
-10.2 %
15.2 %
25,628
11,573
55%
3.16%
1.4
PREX Office
370.7
-2.3 %
-4.3 %
14.6 %
Hufvudstaden
115.4
-4.6 %
-5.6 %
13.6 %
27,865
23,168
17%
2.51%
1.5
PREX Retail
672.2
-0.6 %
-5.5 %
19.9 %
JM
281.0
-0.4 %
-5.1 %
12.9 %
18,786
20,076
-7%
2.85%
4.7
PREX Residential
1,078.9
-2.3 %
-5.2 %
9.0 %
Klövern
9.6
1.6 %
-13.6 %
16.5 %
32,085
13,357
58%
3.14%
1.4
PREX Construction
356.3
-2.3 %
-4.9 %
16.6 %
Kungsleden
64.8
-1.5 %
-5.5 %
14.6 %
20,410
10,922
46%
2.32%
1.3
PREX Mixed
356.3
-2.3 %
-4.9 %
16.6 %
NP3
39.6
-2.2 %
-11.6 %
14.5 %
3,247
1,778
45%
1.26%
1.2
PREX Warehouse
643.1
-2.4 %
-8.0 %
14.1 %
NCC
285.5
-1.6 %
-2.3 %
15.7 %
34,543
28,699
17%
4.20%
3.5
PREX Total
40.7
-2.1 %
-8.9 %
5.5 %
Peab
67.4
-0.9 %
-4.7 %
22.7 %
24,028
18,493
23%
3.34%
2.5
Platzer
38.5
-1.5 %
-5.6 %
14.9 %
7,827
3,416
56%
1.95%
1.2
Sagax
53.3
-6.2 %
-21.4 %
20.5 %
17,586
9,797
44%
1.50%
2.3
Skanska
191.2
-4.4 %
-8.0 %
13.9 %
68,245
74,408
-9%
3.53%
3.8
Tribona
38.4
1.3 %
-3.8 %
-0.5 %
4,070
1,732
57%
1.30%
1.0
9.8
-1.5 %
0.5 %
58.1 %
4,548
1,015
78%
0.00%
0.7
137.9
-2.9 %
-7.0 %
6.3 %
35,649
21,726
39%
1.63%
1.8
1.8
Commodities
Last
Last week
Last month
YTD
WTI Spot ($)
48.8
6.2 %
-2.0 %
-8.6 %
Wallenstam
Crude Oil-Brent ($)
Victoria Park
57.2
4.7 %
-6.4 %
2.4 %
Wihlborgs Fastigheter
165.0
-1.2 %
-6.3 %
15.6 %
24,799
11,753
53%
2.88%
Gold (U$/Troy Ounce)
1,200.6
1.3 %
-1.3 %
1.2 %
Norway
NOK
%
%
%
NOKm
NOKm
%
%
x
Silver (Cents/Troy ounce)
1,986.0
0.0 %
0.0 %
0.0 %
AF Gruppen
0.5 %
9.4 %
25.3 %
8,937
8,784
2%
5.05%
6.7
Alu (U$/MT)
1,717.0
0.7 %
-4.7 %
-4.8 %
Entra
82.0
0.3 %
-3.8 %
Copper (Grade A U$/MT)
6,078.5
0.1 %
2.6 %
-4.6 %
Norwegian Property
Zink (U$/MT)
2,072.3
0.9 %
1.2 %
-4.4 %
Olav Thon Eiendomsselskap
Currencies
NOK/USD
NOK/EUR
99.0
7.2 %
31,204
15,066
52%
3.53%
1.7
10.8
-2.7 %
0.5 %
6.4 %
15,094
5,896
61%
0.00%
1.1
159.5
-3.6 %
-8.3 %
27.1 %
33,496
16,978
49%
1.00%
1.3
Selvaag Bolig
27.3
-0.7 %
-1.4 %
35.8 %
4,807
2,560
47%
4.40%
1.1
Storm Real Estate
11.5
2.2 %
0.0 %
-8.0 %
260
221
15%
13.91%
3.7
Veidekke
93.8
1.4 %
2.5 %
27.1 %
14,098
12,535
11%
3.73%
5.2
Finland
EUR
%
%
%
NOKm
NOKm
%
%
x
3.0
1.3 %
-4.3 %
17.4 %
28,281
15,532
45%
4.95%
1.4
4.0
-2.7 %
4.4
Last
Last week
Last month
YTD
8.0
-1.5 %
4.4 %
7.1 %
Citycon
8.6
-0.8 %
0.8 %
-4.3 %
Sponda
-10.6 %
10.5 %
9,789
56%
4.75%
0.8
SEK/EUR
9.3
0.8 %
-0.6 %
-2.0 %
Technopolis
0.5 %
0.7 %
19.7 %
11,089
4,079
63%
3.39%
1.0
NOK/SEK
92.8
-1.0 %
1.4 %
-3.3 %
Denmark
DKK
%
%
%
NOKm
NOKm
%
%
x
Jeudan
685.0
1.9 %
2.5 %
24.1 %
22,797
8,790
61%
0.00%
1.6
-1.8 %
-2.5 %
26.2 %
3,556
38
n.a.
n.a.
Nordicom
2.7
22,416
Note: For comparison reasons, we have chosen to have a single currency on Market Cap and EV
n.a.
Source: Reuters
* Based on latest company reports and current market capitalization figures
Equity chart - Norway
Equity chart - Sweden
190
200
180
170
160
150
140
130
120
110
100
90
80
60
Mar-13
Jun-13
Sep-13
OSEBX
Dec-13
PREX Norway
Mar-14
Jun-14
Norwegian Property
Sep-14
Dec-14
Mar-15
70
Mar-13
Olav Thon
Source: Reuters
Jun-13
Sep-13
OMX
Dec-13
PREX Sweden
Mar-14
Hufvudstaden
Jun-14
Castellum
Sep-14
Dec-14
Mar-15
Wallenstam
Source: Reuters
– Page 1 –
Interest rate term structure – Nordic
Sight deposit rates - Nordic
2.0 %
2.5 %
2.0 %
1.5 %
1.5 %
1.0 %
1.0 %
0.5 %
0.5 %
0.0 %
3m
1Y swap
2Y swap
3Y swap
4Y swap
5Y swap
7Y swap
0.0 %
2010
10Y swap
2011
2012
2013
2014
2015
-0.5 %
-0.5 %
Norway
Sweden
Denmark
Norway
Euro
Sweden
Denmark
Euro
Source: Reuters
Short term interest rates - Nordic
Long term interest rates (5y swaps) - Nordic
3.5 %
4.5 %
3.0 %
4.0 %
2.5 %
3.5 %
2.0 %
3.0 %
1.5 %
2.5 %
1.0 %
2.0 %
0.5 %
1.5 %
1.0 %
0.0 %
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
-0.5 %
0.5 %
-1.0 %
0.0 %
Mar-10
NIBOR
STIBOR
CIBOR
Mar-11
Mar-12
Norway
EURIBOR
Mar-13
Sweden
Denmark
Mar-14
Mar-15
Euro
Source: Reuters
Yield gap – Oslo office
Yield gap – Stockholm office
8.0 %
7.5 %
7.0 %
6.5 %
6.0 %
5.5 %
5.0 %
4.5 %
4.0 %
3.5 %
3.0 %
2.5 %
2.0 %
1.5 %
1.0 %
Mar-05
Mar-06
Mar-07
Mar-08
Mar-09
10Y swap
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
0.5 %
Mar-08
Mar-09
Mar-10
Oslo office yields
Mar-11
10Y swap
Mar-12
Mar-13
Mar-14
Mar-15
Stockholm office yields
Source: Pangea Property Research
Recent transactions – Norway and Sweden
Norway
Seller
Buyer
Type
75 % of Storebrand Eiendomsfond (30/40 properties)
Mar-15
Date
Storebrand Privat Investor ASA
Partners Group
Office, retail, storage
Colosseum Kino, Oslo
Mar-15
Syndicate
Ragde Eiendom
Damsgårdsveien 161-171, Bergen
Mar-15
Aberdeen Pan Nordic Norway AS
Midgard Delta/Bergen Bygginvest
Helsfyr Panorama, Helsfyr
Mar-15
Catella Real Estate AG
Bryn Eiendom
Rolf Olsens vei 30-32, Lillestrøm
Mar-15
Lambertsson Norge
Sanitetsveien 1 in Laghaugmoen Næringspark
Mar-15
Lagårdsveien 78-80, Stavanger
Mar-15
Property
Estimated value (NOKm)
Size (Sqm)
Adviser
3,709
n.a.
Arctic (sell-side)
Cinema
n.a.
~9,800
n.a.
Office, storage
n.a.
16,400
n.a.
Office
n.a.
18,000
CBRE Atrium (sell-side)
Ragde Eiendom / Ola Heggset
Industrial
86
5,000
n.a.
Anthon B Nilsen (60 %) / KGJ Real Estate AS (40 %)
Syndicate
Combination
n.a.
9,200
n.a.
Local investor
Castelar Investment Mgmt. et al.
Office
~250
19,000
n.a.
Sweden
Property
Date
Estimated value (SEKm)
Size (Sqm)
Adviser
Seller
Buyer
Type
Mar-15
Profi Fastigheter
Wallenstam
Office, retail, warehouse (residential project)
494
37,200
JLL Tenzing (sell-side)
Majorna 219:7, Gothenburg
Mar-15
Niam
Klövern
Office
270
15,000
CBRE (sell-side)
Majorna 220:4, Gothenburg
Mar-15
Aberdeen
Klövern
Office
90
6,400
Catellla (sell-side)
Gällivare 12:334, Gällivare
Mar-15
Företagscentrum i Gällivare
NP3 Fastigheter
Industrial
110
15,000
n.a.
4 properties, Gothenburg
Freden Större 11, Sundbyberg
Mar-15
Platzer
Kungsleden
Office
162
19,300
CBRE (sell-side)
29 properties (18 municipalities across Sweden)
Mar-15
Kungsleden
Söderport / Sagax
Industrial, office
536
158,000
n.a.
Hornafjord 1, Stockholm (Kista)
Mar-15
Genesta Nordic Baltic Real Estate
Kungsleden
Office
514
23,000
Cushman & Wakefield (sell-side)
Source: Pangea Property Research
Contact details
STOCKHOLM
Pangea Property Partners KB
Visiting: Norrlandsgatan 15, 7th floor
Postal: Box 7740, 103 95 Stockholm
Tel +46 8 545 25 780
www.pangeapartners.se
OSLO
Pangea Property Partners AS
Tjuvholmen Allé 3-5, 8th floor
N-0250 Oslo
Tel +47 21 95 80 70
www.pangeapartners.no
– Page 2 –